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Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
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Clean Diesel | LSE:CDT | London | Ordinary Share | COM SHS USD0.01 |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 117.50 | 0.00 | 01:00:00 |
Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
---|---|---|---|---|---|
0 | 0 | N/A | 0 |
RNS Number:1436J Clean Diesel Technologies, Inc 25 March 2003 Clean Diesel Technologies, Inc. 300 Atlantic Street, Suite 702, Stamford, CT 06901-2522 Tel: (203) 327-7050 Fax: (203) 323-0461 NEWS RELEASE for March 25, 2002 at 7:30 AM London Time & 2:30 AM EST Contact: Allen & Caron Inc or Clean Diesel Technologies, Inc. Jay F. McKeage (investors) James M. Valentine, President (212) 691-8087 David W. Whitwell, CFO jay@allencaron.com (203) 327-7050 Len Hall (media) (949) 474-4300 len@allencaron.com CLEAN DIESEL TECHNOLOGIES REPORTS 2002 FOURTH-QUARTER, YEAR-END RESULTS Mitsui ARIS Mobile License Drives Fourth-Quarter Revenue STAMFORD, CT (March 25, 2003) ... Clean Diesel Technologies, Inc. (CDT) (EBB: CDTI & AIM:CDT/CDTS) today reported an increase in license and royalty revenue in the fourth-quarter of 2002 compared to the prior year period. For the fourth-quarter, CDT reported total revenue of $300,000 and a net loss attributable to common stockholders of $403,000, or a $0.04 loss per share. This compares to revenue of $158,000 and a net loss attributable to common stockholders of $1.92 million, or a $0.63 loss per share for the same period in 2001. The 2001 fourth-quarter loss includes a one-time non-cash preferred stock conversion premium of $1.28 million related to the conversion of all of the Company's preferred stock to common stock in December 2001. Excluding the one-time preferred stock conversion premium, the 2001 fourth-quarter loss was $647,000, or a $0.21 loss per share. For the twelve months ended December 31, 2002, CDT reported total revenue of $441,000 with a net loss of $2.6 million, or a $0.23 loss per share, compared to total revenue of $1.6 million with a net loss of $3.0 million, or a $1.08 loss per share for the comparable year-earlier period. Excluding the one-time preferred stock conversion premium, the 2001 year-end loss was $1.7 million, or a $0.62 loss per share. Chairman and CEO Jeremy Peter-Hoblyn commented, "A large US diesel retrofit emission-reduction market is beginning to develop and it is expected to grow substantially in 2003. The California Air Resources Board's (CARB) requirement to retrofit 1.2 million diesel vehicles in California begins phasing in at the end of 2003. In addition, the Environmental Protection Agency's (EPA) voluntary retrofit program in the other 49 states has gained momentum with the recent announcement of specific diesel emission-reduction programs by the EPA such as the "Smartway Transport Program" for major corporate fleets and the "Clean School Bus" initiative that targets the retrofit of 300,000 school buses." Peter-Hoblyn also noted that CDT has formally applied for the verification of its patented Platinum Plus(R) fuel borne catalyst (FBC) and low-cost aftertreatment devices with both the EPA and the CARB. The Company's new FBC and a Flow through Filter (FTF) combination is designed to provide 50 to 60 percent emission reduction, be very durable and apply to older and dirtier CLEAN DIESEL TECHNOLOGIES REPORTS 2002 RESULTS Page 2-2-2 engines. The Company has completed its initial pre-verification testing and recently reached the 1000-hour commercial in-field durability requirement on the first of several vehicles. CDT expects to complete the required verification testing of the first 1000-hour aged system in the next 60 days. Recently the Company announced a partnership with Santa Fe-based CleanAIR Systems to gain the Mining Safety Health Administration's (MSHA) acceptance of the Platinum Plus FBC in combination with a specially catalyzed filter that reduces particulates in underground mines by 85 percent without increasing NO2. This combination is the only catalytic precious metal system accepted for use in underground mines. NO2 is a strong lung irritant and both CARB and MSHA have put restrictions on NO2 emissions. In addition, MSHA has mandated a reduction in particulates, with commitments for compliance required by July 2003. Just last week, CDT announced its first commercial order for diesel particulate reduction in underground mines. In the fourth-quarter of 2002, CDT completed an exclusive license agreement with Mitsui Ltd. for the mobile application of CDT's ARIS(R) urea selective catalyst reduction (SCR) technology in Japan. Mitsui had also previously licensed the stationary ARIS technology for Japan. Under the ARIS mobile license agreement Mitsui paid CDT $250,000 and agreed to invest an additional $200,000 in further development and testing of the ARIS mobile system. CDT also recently announced a letter of intent for a mobile ARIS retrofit license with Monroe, CT-based Combustion Component Associates, Inc., and the Company is in discussions for ARIS licenses with several other US and European companies. Full financial information is included in the Company's Form 10-K filed with the Securities and Exchange Commission (www.SEC.gov). About Clean Diesel Technologies, Inc. Clean Diesel Technologies, Inc. is a specialty chemical company with patented products that reduce emissions from diesel engines while simultaneously improving fuel economy. Products include Platinum Plus(R) fuel borne catalysts which reduce engine out emissions of particulate (PM), carbon monoxide (CO) and hydrocarbons (HC), while improving fuel economy and also increasing the regeneration of diesel particulate filters, and the ARIS(R) 2000 urea injection systems for selective catalytic reduction of NOx. Platinum Plus and ARIS are registered trademarks of Clean Diesel Technologies, Inc. Certain statements in this news release constitute "forward-looking statement" within the meaning of the Private Securities Litigation Reform Act of 1995. Such forward-looking statement involve known or unknown risks, including those detailed in the Company's filings with the Securities and Exchange Commission, uncertainties and other factors which may cause the actual results, performance or achievements of the Company, or industry results, to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements. Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date hereof. TABLES FOLLOW CLEAN DIESEL TECHNOLOGIES REPORTS 2002 RESULTS Page 3-3-3 CLEAN DIESEL TECHNOLOGIES, INC. STATEMENT OF OPERATIONS (in thousands except per share data) Three Months Ended Twelve Months Ended December 31, December 31, 2002 2001 2002 2001 Revenue: Product revenue $ 29 $ 23 $ 142 $ 176 License and royalty revenue 271 135 299 1,424 Total revenue 300 158 441 1,600 Costs and expenses: Cost of sales 13 8 86 117 General and administrative 591 512 2,291 1,858 Research and development 97 111 693 365 Patent filing and maintenance 9 58 43 196 Profit/(Loss) from operations (410) (531) (2,672) (936) Interest income/ (expense) 7 (116) 39 (170) Net profit/(loss)before preferred stock dividend (403) (647) (2,642) (1,106) Preferred stock dividend (non-cash) 0 0 0 (621) Preferred stock conversion premium 0 (1,276) 0 (1,276) Net profit/(loss)attributed to common stockholders $ (403) $ (1,923) $ (2,642) $ (3,003) Basic and diluted profit/(loss) per common share $(0.03) $ (0.63) $ (0.23) $ (1.08) Weighted average number of common Shares outstanding 11,419 3,073 11,419 2,777 CLEAN DIESEL TECHNOLOGIES REPORTS 2002 RESULTS Page 4-4-4 CLEAN DIESEL TECHNOLOGIES, INC. BALANCE SHEET (in thousands) December 31, 2002 2001 ASSETS CURRENT ASSETS: Cash and cash equivalents $ 2,083 $ 4,023 Accounts receivable 284 197 Inventories 314 296 Other current assets 76 96 Total current assets 2,757 4,612 Other assets 222 46 Total assets $ 2,979 $ 4,658 LIABILITIES AND STOCKHOLDERS' EQUITY CURRENT LIABILITIES: Notes payable $ -- $ 250 Accounts payable and accrued expenses 223 558 Total current liabilities 223 808 Deferred compensation and pension benefits 418 368 Total long-term liabilities 418 368 STOCKHOLDERS' EQUITY: Preferred Stock, par value $0.05 per share, authorized 80,000 , No shares issued and outstanding -- -- Series A Convertible Preferred Stock, par value $0.05 per share, $500 per share liquidation preference, authorized 20,000 shares, No shares issued and outstanding -- -- Common Stock, par value $0.05 per share, authorized 15,000,000 shares, issued and outstanding 11,968,387 and 11,214,280 shares 598 561 Additional paid-In capital 28,519 27,058 Accumulated deficit (26,779) (24,137) Total stockholders' equity 2,338 3,482 Total liabilities and stockholders' equity $ 2,979 $ 4,658 CLEAN DIESEL TECHNOLOGIES REPORTS 2002 RESULTS Page 5-5-5 CLEAN DIESEL TECHNOLOGIES, INC. STATEMENTS OF CASH FLOWS (in thousands) For the years ended December 31, 2002 2001 2000 OPERATING ACTIVITIES Net loss attributable to common stockholder $(2,642) $(1,106) $(2,001) Adjustments to reconcile net loss to cash used in operating activities: Depreciation 26 11 10 Amortization of deferred financing costs 8 91 -- Interest expense from term loans converted to common -- 65 -- Compensatory stock warrant 95 120 61 Changes in operating assets and liabilities: Accounts receivable (87) (147) (4) Inventories (18) (9) 34 Other current assets 20 (9) (35) Accounts payable and accrued expenses (238) 259 63 Net cash used in operating activities (2,836) (725) (1,872) INVESTING ACTIVITIES Patent activities (122) -- -- Purchase of fixed assets (88) (17) (7) Net cash used in investing activities (210) (17) (7) FINANCING ACTIVITIES Proceeds from exercise of stock options -- 3 7 Proceeds from (repayment of) term loans (250) 500 500 Proceeds from issuance of common stock, net 1,356 3,721 1,021 Net cash provided by financing activities 1,106 4,224 1,528 Net increase (decrease) in cash and cash equivalents (1,940) 3,482 (351) Cash and cash equivalents at beginning of period 4,023 541 892 Cash and cash equivalents at end of period $ 2,083 $ 4,023 $ 541 NON-CASH ACTIVITIES Preferred Stock dividend $ -- $ 621 $ 712 Preferred Stock conversion premium (non-cash) -- 1,276 -- Conversion of term loans and related interest into common stock -- 817 -- # # # # This information is provided by RNS The company news service from the London Stock Exchange END FR JIMBTMMBTTPJ
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